MIRA
INFORM REPORT
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Report Date : |
17.10.2007 |
IDENTIFICATION DETAILS
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Name : |
ZHUHAI GOLDEN
HONOUR DEVELOPMENT Co., Ltd. |
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Registered Office : |
Rm 910-915,
Development Building, Eastern Yuehai Road, Gongbei District, Zhuhai, Guangdong
Province, 519010 Pr |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
March 21, 2001 |
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Com. Reg. No.: |
4404002023439 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in
importing and exporting agricultural products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
Up To USD 18,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
ZHUHAI GOLDEN HONOUR
DEVELOPMENT Co., Ltd.
RM 910-915,
GONGBEI DISTRICT,
TEL :
86 (0) 756-8886281
FAX :
86 (0) 756-8872868
EXECUTIVE SUMMARY
INCORPORATION DATE : march 21, 2001
REGISTRATION NO. : 4404002023439
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 20
REGISTERED CAPITAL : CNY 3,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 209,390,000 (AS OF DEC. 31, 2006)
EQUITIES : CNY 3,560,000 (AS OF DEC. 31, 2006)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
7.52 = US1$
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as a limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on March 21, 2001.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered
business scope includes commercial wholesaling and retailing.
SC is mainly
engaged in importing and exporting agricultural products.
Mr. Wang Yong has been legal representative and chairman of SC since
2001.
SC is
known to have approx. 20 staff members at present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of Zhuhai. Our
checks reveal that SC rents the total premise about 150 square meters.
http://www.zh-gh.com/ The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wang Yong 60
Wang Mingshu 30
Zhu Xinxin 10
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Legal representative and General manager:
Mr. Wang Yong, in his
Working Experience(s):
From 2001 to present Working in SC as chairman and general manager.
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Vice-General manager:
Ms. Wang Mingshu, in her
Working Experience(s):
From 2001 to present Working in SC as vice-general manager.
SC is mainly
engaged in importing and exporting agricultural products.
SC’s products
mainly include sesame seeds, pulses including Whole Yellow Peas (USA, Canada
No. 2 Whole Yellow peas, Yellow Pea splits, Marrowfat), Chinese Light Speckled
Kidney Beans (long shape and normal shape), Chinese Small White Kidney Beans
(Japanese Type), Chinese Small Black Kidney Beans, Cow Peas etc.
SC sources its materials 40%
from domestic market, and 60% from overseas market, mainly
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
SC is
not known to have any subsidiary at present.
Overall payment appraisal :
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment
experience (through current enquiry with SC's suppliers), our delinquent
payment and our debt collection record concerning SC.
Trade payment experience : SC did not
provide any name of trade/service suppliers and we have no other sources to
conduct the enquiry at present.
Delinquent
payment record : None in our database.
Debt collection record : No overdue amount owed by SC was placed to
us for collection within the last 6 years.
Guangdong Development Bank Zhuhai Sub-branch
AC#：113003512010004210
Relationship:
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
7,650 |
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Inventory |
11,070 |
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Accounts
receivable |
15,920 |
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Other
receivables |
1,930 |
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Other current
assets |
0 |
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Current assets |
36,570 |
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Fixed assets |
640 |
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Fixed assets net
value |
620 |
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Projects under
construction |
0 |
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Long term
investment |
2,600 |
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Other assets |
0 |
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Total assets |
39,790 |
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Short loans |
6,600 |
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Accounts payable |
4,500 |
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Other payable |
26,260 |
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Taxes payable |
-1,180 |
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Other current
liabilities |
0 |
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Current
liabilities |
36,230 |
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Long term
liabilities |
0 |
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Total
liabilities |
36,230 |
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Equities |
3,560 |
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Total
liabilities & equities |
39,790 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
209,390 |
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Cost of goods
sold |
201,420 |
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Sales expense |
6,170 |
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Management expense |
650 |
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Finance expense |
430 |
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Profit before
tax |
570 |
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Less: profit tax |
90 |
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Profits |
480 |
Important Ratios
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as
of Dec. 31, 2006 |
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*Current ratio |
1.01 |
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*Quick ratio |
0.70 |
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*Liabilities to
assets |
0.91 |
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*Net profit
margin (%) |
0.23 |
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*Return on
total assets (%) |
0.01 |
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*Fixed
assets/Total assets |
0.02 |
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*Inventory
/Turnover ×365 |
19days |
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*Accounts
receivable/Turnover ×365 |
28days |
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*Turnover/Total
assets |
5.26 |
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* Cost of goods
sold/Turnover |
0.96 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin is average.
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SC’s return on total assets is average.
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SC’s cost of goods sold is fairly high, comparing
with its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal
level.
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SC’s quick ratio is maintained in an average level.
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The inventory of SC is maintained in an average
level.
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The accounts receivable of SC is fairly large.
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SC’s short-term loan is large.
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SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: FAIR
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The debt ratio of SC is high.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with favorable market
conditions. The large amount of short loans could be a threat to SC’s financial
condition. A credit line up to USD 18,000 would appear to be within SC’s
capacities.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)